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Monday, October 25, 2010

Monday, after the close!!!

Tomorrow is another POMO day. Funny how they stacked POMO days only one day apart leading up to the elections, then threes day apart after. Last Friday's POMO never did moved the markets, in fact Friday was the flattest the SPX has seen for the last couple of months.

After the close, the SPX made its high of the day thirty minutes after the gap-up open, and spent the rest of the day stair-stepping downwards with what ended as a three wave move, meaning odds are 50:50, on if this is a corrective, or the start of a new impulsive wave down. The VIX was acting very unusual and was diverging all day, it never did make a lower low closing up 5.70%, and the SPX never did close the gap from the open.
Breadth for the day was uneventful, closing at 1.50:1, advancers on 1B shares on the NYSE.
The short-term trend does remain up as the SPX made another higher high, and the Trend Finder remains stuck in neutral with half of the longer-term signals bearish. The shorter-term signals are also mixed and very weak. This is what the Trend Finder was designed to do, go neutral during periods of uncertainty, something that is very evident with all the whip-sawing price action on the markets.

1 comment:

  1. Appreciate your analyses. Any thoughts on silver short term? Jordan